8
#RIDAY, JULY 10, 1987
KEEN OVERSEAS INTEREST IN HK INSURANCE MARKET
DURING
THE REGISTRAR GENERAL FIÐ NOEL GLEESON, SAID TODAY TIAT
1 TO JUNE 30), SIX NEW THE FIRST HALF-YEAR OF 1987 (FROM JANUARY
LOCAL. WERE COMPANIES, FOUR OF WHICH WERE OVERSEAS COMPANIES AND TWO
AND 12 EXISTING INSURERS AUTHORISED TO CARRY ON INSURAN & BUSINESS
ORDERLY HAD THEIR AUTHORISATION WITHDRAWIT FOLLOWING THE CESSATION AND RUN-OFF OF THEIR INSURANCE BUS: SS IN HONG KONG.
AT AS
JUNE 30, 1987
THERE
·
INSURERS
KUNG.
WERE 282 AUTHORISER OPERATING IN HONG KONG. OF THES 127 WERE INCORPORATED IN JONJ
FROM 28 CAME THE REMAINING 155 INSURERS
COUNTRIES, INCLUDING UNITED KINGDOM (45), THE UNITED STATES (28), BERMUDA (11), JAPAN SINGAPORE (7), SWITZERLAND (7), CANADA (6) AND FRANCE (5).
14 THERE WERE INSURERS.
PENDING
THE
(0),
FOR
OVERSTAS
AS AT JUNE 30, 1987,
APPLICATIONS
NEW FROM AUTHORISATION
KEEN THE
INTEREST OF
DEMONSTRATED BY INSURERS IN THE HONG KONG INSURANCE MARKET WAS AGAIN
OVERSEAS THE FACT THAT 12 OF THE 14 PENDING APPLICATIONS WERE MADE BY INSURANCE COMPANIES.
ΤΟ
MR GLEESON INDICATED THAT ALL NEW APPLICATIONS WERE SUPJECT
THAT ONLY VERY CAREFUL SCRUTINY BY THE INSURANCE AUTHORITY TO ENSURE INSURERS OF GOOD REPUTATION WHO NEET ALL
THE OF THE CRITERIA INSURANCE COMPANIES ORDINANCE WERE ADMITTED.
THE PROCESSING OF APPLICATIONS FOR AUTHORISATION WAS TIME CONSUMING, AND THE NUMBER OF NEW AUTHORISATIONS FORTHCOMING SIX MONTHS WOULD NOT BE GREAT.
THEREFORE
IN
THE
HE HAD IN
AUTHORITY INSURANCE
OF POLICY HOLDERS, INSURANCE COMPANY
MR GLEESON ALSO SAID THAT, DURING THE FIRST HALF-YEAR, EXERCISED HIS POWERS OF
AS INTERVENTION RESPECT OF 12 INSURERS FOR THE BETTER PROTECTION
OF ONE INCLUDING THE PETITION FOR THE WINDING-UP ENGAGED MAINLY IN FIRE AND MARINE BUSINESS. THE PETITION IN THAT CASE WAS DUE TO BE HEARD IN THE HIGH COURT ON JULY 27,
1987.
BEEN FOUND ΤΟ LEGISLATIVE FRAMEWORK
ON BUSINESS SEE IF LEGISLATIVE
ALTHOUGH THE INSURANCE COMPANIES ORDINANCE HAD BE GENERALLY EFFECTIVE IN PROVIDING A SUITABLE
CARRYING COMPANIES FOR THE REGULATION OF INSURANCE
TO REVIEW HONG KONG, IT WAS CHANGES WERE NECESSARY FOR THE BETTER AND/OR TO PROVIDE MORE STATUTORY REQUIREMENTS.
UNDER CONTINUOUS
ተን FLEXIBILITY
PROTECTION OF INSURERS I
POLICY
IN
HOLDERS
COMPLYING WITH
/ONE SUCH